By RUKAYAT ADEYEMI

MTN Nigeria Communications Plc has established an annual fee of N54.120 million for the Chairman of its Board of Directors for the fiscal year ending December 31, 2024, and subsequent years until reviewed.

It also fixed N36.285 million as the annual fee for each of the other Non-Executive Directors,

The company said this in the resolution of its 2024 Annual General Meeting (AGM) signed by Mrs Uto Ukpanah, Company Secretary of MTN Nigeria, and submitted to the Nigerian Exchange Ltd. (NGX) in Lagos.

Ukpanah said that these fees were to be paid quarterly in arrears or as approved by the Board.

According to her, the shareholders also re-elected Mr Ralph Mupita, Ms Tsholofelo Molefe, Mr Muhammad Ahmad, Mr Jens Schulte-Bockum as directors of the company.

The company secretary stated that the representatives of the shareholders were also duly elected to the Statutory Audit Committee of the Company and are namely: Mr Nornah Awoh, Mrs Josephine Ewitat and Col. Ayegbeni Peters (Rtd).

Ukpanah mentioned that the Board representatives on the Statutory Audit Committee are: Mr Mohammad Ahmad and Mrs Ifueko Okauru.

“The directors are authorised to fix the remuneration of the auditors for the year ending Dec.31, 2024,” she said.

According to her, a general mandate was also given to the company to enter into recurrent transactions with related parties for its day-to-day operations.

She said this included, without limitation, the procurement of goods and services on normal commercial terms and the indemnification of directors whether directly by the company or by obtaining appropriate insurance.

Ukpanah noted that this was in accordance with the company’s Articles; in compliance with the NGX Rules Governing Transactions with Related Parties or Interested Persons and other applicable Nigerian statutory and or regulatory requirements.

The News Agency of Nigeria(NAN) reports that MTN Nigeria recorded a Loss Before Tax of N177.8billion for the year ended Dec.31, 2023, compared to a pre-tax profit of N518.8billion posted in the year 2022.

The financial downturn, as indicated by MTN in its audited financial result for the year ended Dec. 31, 2023, resulted in a loss after tax of N137 billion, as against a profit after tax of N348.7 billion reported in the previous year.

The telecommunication firm stated that the repercussions of the financial decline extended to a negative retained earnings and shareholders’ equity of N208 billion and N40.8 billion, respectively, as at Dec. 31, 2023.

MTN attributed this significant shift to its substantial forex loss of N740.4 billion, a consequence of the steep devaluation of the naira in year 2023. (NAN)

Update news